Japan hedgies await more market rumbles

Japanese hedge funds, which had the industry’s only gains of all regions in June, are braced for more volatility and eyeing short-selling opportunities, as the country heads into upper house elections on Sunday. “It has been an exciting market,” says Makoto Takahashi, chairman of Tokyo-based United Managers Japan (UMJ). The firm takes the view that the market's big correction occurred in late May and will be followed by increased volatility for much of the rest of the year. The …